2025-04-22 11:40
Non-renewal of major contract the reason for closure European chemicals industry facing overcapacity Total CEO in process of converting underperforming sites Antwerp to begin producing sustainable aviation fuel this year PARIS, April 22 - French oil major TotalEnergies will shut its oldest steam cracker in Antwerp by end-2027, the company said on Tuesday, citing a "significant surplus of ethylene expected in Europe". The unit shutdown will not result in layoffs, but 253 employees will be offered a retirement package or an internal transfer. Sign up here. The chemical industry has been grappling with weak demand and high input costs in Europe in recent years, prompting several firms to close or convert units. ExxonMobil Chemical France moved to close its steam cracker and petrochemical production at Port Jerome in the country's north last year, while last week chemical firms LyondellBasell (LYB.N) , opens new tab and Covestro announced a permanent shutdown of some production units in the Netherlands. Total said the cracker to be shut historically produced most of its ethylene for one major client, who declined to renew a contract expiring in 2027. The French firm will maintain a more recently built steam cracker in operation whose ethylene is entirely consumed by Total's own industrial units in Antwerp and Feluy. TotalEnergies CEO Patrick Pouyanne at a results call in October acknowledged that "there are too many small refineries in Europe". He said Total would examine its six sites in Europe and convert the weakest into biorefineries producing renewable fuels, as it has done with its La Mede and Grandpuits facilities. The Antwerp site is already undergoing changes to begin producing sustainable aviation fuels this year, with plans to use green hydrogen made from Total's offshore wind farms to make more renewable transport fuels by 2027. https://www.reuters.com/business/energy/totalenergies-shut-antwerp-steam-cracker-end-2027-2025-04-22/
2025-04-22 11:34
U.S. wants India to buy more energy, defence items Vance says Trump's actions will benefit India greatly Vance says trade talks are making good progress He calls Modi a 'special person' and tough negotiator JAIPUR, India, April 22 (Reuters) - The United States wants to sell more energy and defence equipment to India to build closer ties, Vice President JD Vance said on Tuesday, praising Prime Minister Narendra Modi repeatedly as talks over a trade deal progress. Visiting the northwestern Indian city of Jaipur, Vance hailed what he called India's vitality over the "sameness and flatness" of some Western nations. His remarks followed criticism by U.S. President Donald Trump of steep Indian tariffs on cars, farm goods and other products. Sign up here. The rebalancing of global trade because of Trump's tariff actions is "going to produce great benefits for the people of India," Vance said. India is trying to position itself as a manufacturing base of choice for the world as China faces high U.S. duties. "If India and the United States work together successfully, we're going to see a 21st century that is prosperous and peaceful," Vance told an audience of a few hundred students, traders, government officials and politicians in Jaipur. "But I also believe that if we fail to work together successfully, the 21st century could be a very dark time for all of humanity." He said it would be natural for India to buy more defence equipment from the United States, including Lockheed Martin's (LMT.N) , opens new tab F-35 fighter jets, as the two countries do regular military exercises. "We, of course, want to collaborate more," he said. "We want to work together more, and we want your nation to buy more of our military equipment." He said the U.S. wanted to sell more energy to India and also help it explore its own resources, including offshore natural gas reserves and critical mineral supplies. Nuclear energy is also an important area of focus for both sides. 'SPECIAL PERSON' Vance is on a mostly personal, four-day visit to India along with his wife, who is the daughter of Indian immigrants, and their three children. India is seeking an early trade deal with the U.S. - its largest trading partner - before the end of a 90-day pause on the steep tariffs announced by Trump's administration. "Prime Minister Modi is a tough negotiator. He drives a hard bargain," Vance said to laughter from the audience. India, the world's fastest-growing big economy, hopes to "positively conclude" the first part of a trade pact by autumn, Finance Minister Nirmala Sitharaman said in San Francisco on Monday. Vance said he and Modi, who hosted Vance's family for dinner at his home on Monday, had made good progress on trade talks and confirmed that the two sides had finalised the terms of reference for the trade negotiation. "It sets a roadmap toward a final deal between our nations," he said. Vance has criticised some foreign leaders but was effusive in his praise for Modi, who went to see Vance's family on the birthday of Vance's second son while both leaders were in France for an AI conference in February. "I think he's a special person," Vance said. "In the past, Washington approached Prime Minister Modi with an attitude of prejudice or even one of condescension. And, as I told Prime Minister Modi last night, he's got approval ratings that would make me jealous." https://www.reuters.com/world/india/india-us-can-work-together-win-win-partnership-vp-vance-says-2025-04-22/
2025-04-22 11:33
April 22 (Reuters) - Halliburton (HAL.N) , opens new tab reported lower first-quarter profit on Tuesday, as a slowdown in North American drilling activity weighed on demand and the oilfield services provider recorded a $356 million pre-tax charge. The company's shares fell 4% in premarket trading following the results. Sign up here. Halliburton is the first of the Big Three U.S. oilfield services provider to report earnings as the sector braces for the impact of President Donald Trump's tariffs that are expected to disrupt supply chains and drive up the cost of equipment such as drilling rigs and well casings from duties on steel imports. Oilfield services firms have been struggling in North America due to reduced U.S. shale activity, with operators cutting drilling budgets and focusing on capital discipline, leading to lower demand and fewer rigs in operation. Halliburton said North America revenue in first-quarter was $2.2 billion, a 12% decrease from a year earlier. The company's international operations helped cushion the impact from the sluggish demand in North America, led by a 6% year-on-year revenue increase in the Middle East and Asia. "Our first quarter international tender activity was strong, Halliburton won meaningful integrated offshore work extending through 2026 and beyond," said CEO Jeff Miller said in a statement. Revenue from Europe and Africa also rose. Overall, Halliburton reported first-quarter revenue of $5.42 billion, beating analysts' average estimate of $5.28 billion, according to data compiled by LSEG. The Houston-based company posted a profit of $204 million, or 24 cents per share, in the three months ended March 31, lower than $606 million, or 68 cents per share, it posted last year. The charges included severance costs of $107 million, the company said. https://www.reuters.com/business/energy/halliburton-first-quarter-falls-north-america-drilling-weakness-2025-04-22/
2025-04-22 11:28
April 22 (Reuters) - Canada's Barrick Gold (ABX.TO) , opens new tab said on Tuesday it will exit the Donlin gold Project in Alaska by selling its 50% stake to billionaire John Paulson and NovaGold Resources (NG.TO) , opens new tab for up to $1.1 billion. The Donlin Gold project is a proposed mine which holds roughly 39 million ounces of gold. It was jointly owned by Barrick Gold and NovaGold, holding a 50% stake each. Sign up here. U.S.-listed shares of Barrick Gold were up 1.7% before the bell, which were also supported by higher prices of the bullion. Paulson and NovaGold will acquire 80% and 20%, respectively, of Barrick Gold's interest in the entity, for $1 billion in cash. The transaction is expected to close in the second quarter or early in the third quarter of 2025. NovaGold will also have an option to buy outstanding debt owed to Barrick for $90 million if purchased prior to closing, or $100 million if purchased within 18 months from deal closure. Barrick said it would use proceeds from the sale to strengthen its balance sheet and drive shareholder returns. Separately, NovaGold said the agreement with Barrick would increase its stake in the project to 60% while Paulson would hold the remaining 40%. NovaGold's U.S.-listed shares rose 6.8% premarket. The divestiture was first reported by Bloomberg News earlier in the day. https://www.reuters.com/en/barrick-gold-sell-alaska-mine-stake-john-paulson-novagold-11-billion-2025-04-22/
2025-04-22 11:24
OSLO, April 22 (Reuters) - The board of Norway's Equinor (EQNR.OL) , opens new tab must explain how the company's plan to raise oil and gas production aligns with its stated commitment to the Paris agreement on curbing climate change, a group of minority shareholders said on Tuesday. Equinor, which is 67% government owned, this year joined the likes of Shell (SHEL.L) , opens new tab and BP (BP.L) , opens new tab in promising higher petroleum output while scaling back investment in renewables. Sign up here. In a resolution to be voted on at Equinor's May 14 annual general meeting, the minority owners said there were "material inconsistencies" between the company's climate strategy and the policy expectations expressed by its majority shareholder. Those expectations, laid out by Noway's government two years ago, included Equinor setting targets and implementing measures to reduce greenhouse gas emissions "in both the short and long term" in line with the 2015 Paris climate accord. "Other shareholders have reasonable expectations that the company would move towards alignment with the expectations of the majority shareholder. Instead, Equinor has gone in the opposite direction," Brynn O'Brien, head of the Australasian Centre for Corporate Responsibility (ACCR), which co-filed the motion, said in a statement. Equinor's board of directors, however, asked the shareholders to reject the motion, which was also filed by Danish pension fund Sampension and Swedish pension fund Folksam. The board said in a statement it considered the company's strategy and its business model to be in line with global climate goals. "Scenarios of future energy needs, including those aligned with limiting global warming to 1.5 degrees Celsius, indicate that oil and gas will be required for decades to come," it added. Equinor is Europe's largest supplier of pipeline gas. The outcome of the vote will depend on the position of the Norwegian government, which generally backs the board's position at AGMs. The industry ministry did not immediately respond to a request for comment. https://www.reuters.com/sustainability/cop/oil-group-equinor-must-explain-climate-discrepancy-minority-owners-say-2025-04-22/
2025-04-22 10:59
KUALA LUMPUR, April 22 (Reuters) - Palm oil demand from top global buyers China and India is expected to increase as the vegetable oil is now reasonably priced compared to its rivals, the Malaysian Palm Oil Council (MPOC) said on Tuesday. Palm oil is now considered "reasonably priced" at 3,900 ringgit ($889) per metric ton, the MPOC said in a statement, adding that prices are expected to remain supported at that level, underpinned by a recovery in soybean oil prices. Sign up here. Crude palm oil had commanded a premium over crude soybean oil in the past year due to the tightening of supplies from supply disruption caused by floods and as Indonesia raised its biodiesel blending mandate to 40% this year. However, supply of the vegetable oil has since improved, and output is expected to rise in the coming months, which has pressured the Malaysian palm oil contract , sending its prices down 12% this year. MPOC said China is projected to increase its palm oil imports in May and June to replenish inventories, coinciding with the onset of the summer season, which typically sees higher palm oil consumption in the country. “Similarly, India is expected to capitalise on the current low palm oil prices to replenish its depleted inventories, as the price gap between palm oil and soybean oil has narrowed in the domestic market,” it said. Despite a production recovery seen in March, MPOC said total palm oil output could dip slightly to around 19 million tons in 2025, as cumulative production for the first quarter remained the lowest in three years and year-on-year production declines are likely to persist until September. Palm oil stocks in Malaysia are expected to continue rising from April, MPOC said, but noted that the build-up will be moderate, capped by weak year-on-year production growth, particularly in the state of Sabah. "Palm oil production in Sabah declined by 10% from January to March 2025, reaching its lowest level in five years. This production shortfall will limit inventory accumulation and help support palm oil prices," it said. Crude palm oil production from Sabah in 2024 amounted to 4.27 million tons, while production from peninsular Malaysia and Sarawak amounted to 10.89 million tons and 4.17 million tons, respectively. ($1 = 4.3870 ringgit) https://www.reuters.com/markets/commodities/palm-oil-demand-china-india-expected-rise-prices-become-competitive-says-mpoc-2025-04-22/
